Token Unlock Mechanism and IMX Token Unlock Analysis

An important development that greatly affects both long-term investors and daily traders is token unlocks. Token unlocks are an important mechanism used to balance the market dynamics of cryptocurrencies and control price fluctuations. This week has been quite remarkable in the crypto world, with token unlocks being on the agenda. In this article, we will examine IMX, which has the most valuable token unlock of the week.

Last 16 Hours for IMX Token Unlock

According to the data shared by Token Unlocks, there will be token unlocks worth over $14 million in the cryptocurrency market this week. IMX, the token of Immutable X, which provides the first Layer-2 scaling solution for NFTs in the Ethereum ecosystem, will release tokens worth $9.85 million with the token unlock event scheduled for tomorrow.

The amount of tokens to be unlocked in the event, which will take place tomorrow (September 9) at 13:00, corresponds to 1.55% of the total supply of IMX tokens. As the event approaches, investors eagerly await while IMX is trading at $0.545 at the time of writing this article.

IMX Chart Analysis

Due to the ongoing decline since March, there is no healthy formation on the daily chart of IMX. This situation, which is also valid for the 4-hour chart, does not provide useful information for crypto assets in narrower time intervals due to the high volatility of crypto assets.

The most important resistance levels to be noted on the IMX chart are $0.88, $1.22, and $1.55, respectively. Especially the $0.88 level stands out as the most important resistance level since it intersects with the EMA 200 average on the daily chart. The support levels are $0.53 and $0.37. Particularly, the $0.37 level is a critical resistance level for IMX, as it has not recently closed below this level.